Group 2 Net WAC definition

Group 2 Net WAC. With respect to any Distribution Date, the weighted average of the Net Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-Off Date), weighted on the basis of the related Stated Principal Balances at the beginning of the related Due Period.
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Group 2 Net WAC. The weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2.
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Group 2 Net WAC. The Net WAC of Loan Group 2.
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Examples of Group 2 Net WAC in a sentence

  • The Group 2 Net WAC Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the Group 2 Certificates of Net WAC Rate Carryover Amounts with respect to any Class of Group 2 Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1).

  • The Depositor will deposit, or cause to be deposited, into the Group 2 Net WAC Reserve Fund, $1,000.

  • Any entitlement to Group 2 Net WAC Rate Carryovers shall not be an obligation of any REMIC created hereunder.

  • If no Net WAC Rate Carryover Amount is payable on a Distribution Date, the Trustee shall deposit into the Group 2 Net WAC Reserve Fund the Group 2 Required Net WAC Reserve Fund Deposit.

  • The Trustee also acknowledges receipt of amounts, if any, on deposit in the Distribution Account and the Group 1 Net WAC Reserve Fund and Group 2 Net WAC Reserve Fund in trust for the exclusive use and benefit of all present and future Certificateholders.

  • Amounts held in the Group 2 Net WAC Reserve Fund and not distributed on any Distribution Date shall remain uninvested.

  • On each Distribution Date as to which there is Net WAC Rate Carryover Amount for any Class of Group 2 Certificates, the Trustee is hereby directed to, and shall therefore, deposit into the Group 2 Net WAC Reserve Fund an amount equal to the Net WAC Rate Carryover Amount for each affected Class of Group 2 Certificates pursuant to Section 4.01(b)(3)(v).

  • Upon the termination of the Trust Fund, or the payment in full of the Group 2 Certificates, all amounts remaining on deposit in the Group 2 Net WAC Reserve Fund will be distributed to the Class C-2 Certificateholders or their designees.

  • For federal and state income tax purposes, the Class C-2 Certificateholders will be deemed to be the owners of the Group 2 Net WAC Reserve Fund and all amounts deposited into the Group 2 Net WAC Reserve Fund.

  • Any monies held in the Group 2 Net WAC Reserve Fund in excess of the Group 2 Required Net WAC Reserve Fund Deposit on any Distribution Date shall be distributed to the Class C-2 Certificateholders.


More Definitions of Group 2 Net WAC

Group 2 Net WAC. The weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2. Index: As to any Adjustable Rate Mortgage Loan on any Adjustment Date related thereto, the index for the adjustment of the Mortgage Rate set forth as such in the related Mortgage Note, such index in general being the average of the London interbank offered rates for six-month U.S. dollar deposits in the London market, as set forth in The Wall Street Journal or some other source generally accepted in the residential mortgage loan origination business and specified in the related Mortgage Note, as most recently announced as of either 45 days prior to, or the first business day of the month immediately preceding the month of, such Adjustment Date or, if the Index ceases to be published in the original source or becomes unavailable for any reason, then the Index shall be a new index selected by the Master Servicer, based on comparable information.
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Group 2 Net WAC. With respect to each Distribution Date and the Group 2 Certificates, a per annum rate equal to the Weighted Average Net Mortgage Rate of the Group 2 Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date (after giving effect to prepayments received in the related Prepayment Period).
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Group 2 Net WAC. With respect to each Distribution Date, a per annum rate equal to (i) the Weighted Average Net Mortgage Rate of the Group 2 Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs minus (ii) the product of (a) 0.01% and (b) the Notional Balance of the Class 2-L-IO Certificates immediately prior to that Distribution Date, divided by the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the as of the end of the Due Period related to the immediately prior Distribution Date (after giving effect to the distributions made on that Distribution Date).
Sample 1
Group 2 Net WAC. With respect to any Distribution Date, the weighted average of the Net Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Initial Cut-off Date), weighted on the basis of the related Stated Principal Balances at the beginning of the related Due Period; provided, however, that for the first three Distribution Dates, such weighted average of the Net Loan Rates of the Group 2 Mortgage Loans shall be multiplied by the quotient of (i) the aggregate of the Stated Principal Balances of the Group 2 Mortgage Loans having scheduled payments that are included in determining Available Funds for such Distribution Date divided by (ii) the sum of (a) the aggregate of the Stated Principal Balances of the Group 2 Mortgage Loans having scheduled payments that are included in determining Available Funds for such Distribution Date plus (b) the amount on deposit in the Prefunding Account for Group 2 immediately prior to such Distribution Date, plus (c) the aggregate of the Stated Principal Balances of the additional Group 2 Mortgage Loans purchased with amounts deposited in the Prefunding Account that do not have a scheduled payment included in determining Available Funds for such Distribution Date.
Sample 1
Group 2 Net WAC. With respect to any Distribution Date, the weighted average of the Net Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of the related Stated Principal Balances at the beginning of the related Due Period. For the Class 2-A1C Certificates and the related Group 2 Net WAC Cap and Pass-Through Rate, the per annum “insurance premium rate” for any Distribution Date is the product of (i)(a) the Premium Amount for the Class 2-A1C Certificates for such Distribution Date, divided by (b) the Class Principal Balance of such Class immediately prior to such Distribution Date, multiplied by (ii) the quotient obtained by dividing 360 by the actual number of days in the related Accrual Period for such Class.
Sample 1

Related to Group 2 Net WAC

  • Net WAC With respect to any Distribution Date and for any Mortgage Group, the weighted average Net Mortgage Rate for the Mortgage Loans in such Mortgage Group calculated based on the respective Net Mortgage Rates and the Stated Principal Balances of such Mortgage Loans as of the preceding Distribution Date (or, in the case of the first Distribution Date, as of the Cut-off Date).

  • Group 2 All of the Group 2 Certificates.

  • Group 2 Senior Certificates As specified in the Preliminary Statement.

  • Class X-1 Strip Rate With respect to any Distribution Date, the amount, if any, by which (i) the Weighted Average Net Mortgage Rate for such Distribution Date exceeds (ii) the sum of the Class LA-1-2-A Component Class X-2 Strip Rate and the Class A-1 Pass-Through Rate for such Distribution Date.

  • Net WAC Rate With respect to any Distribution Date (and the related Accrual Period), a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).

  • Loan Group 4 The Group 4 Mortgage Loans.

  • Class X Strip Rate With respect to each Component for any Distribution Date, a rate per annum equal to: (i) the WAC Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.

  • Group 1 All of the Group 1 Certificates.

  • Group 1 Senior Certificates As specified in the Preliminary Statement.

  • Loan Group 5 The Group 5 Mortgage Loans.

  • Group II Senior Certificates As specified in the Preliminary Statement.

  • Basis Risk Shortfall Carry Forward Amount With respect to any Distribution Date and any Class of Class A Certificates and Class M Certificates, an amount equal to the sum of (A) the excess, if any, of (a) the amount of Current Interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Though Rate applicable to such Class been calculated at a per annum rate equal to One-Month LIBOR plus the related Certificate Margin, over (b) the amount of Current Interest that such Class received on such Distribution Date if the Pass-Through Rate is limited to the related Net Rate Cap and (B) the amount in clause (A) for all previous Distribution Dates not previously paid, together with interest thereon at a rate equal to the related Pass-Through Rate for such Distribution Date. Bankruptcy Code: Title 11 of the United States Code.

  • Net WAC Pass-Through Rate With respect to the Class A-1 Certificates and any Distribution Date, a rate per annum (adjusted for the actual number of days elapsed in the related Interest Accrual Period) equal to the product of (i) twelve and (ii) a fraction, expressed as a percentage, the numerator of which is the amount of interest which accrued on the Group I Mortgage Loans in the prior calendar month minus the fees payable to the Servicer, the Master Servicer and the Credit Risk Manager with respect to the Group I Mortgage Loans for such Distribution Date and the Group I Allocation Percentage of any Net Swap Payment payable to the Swap Provider and Swap Termination Payment payable to the Swap Provider which was not caused by the occurrence of a Swap Provider Trigger Event, in each case for such Distribution Date and the denominator of which is the aggregate principal balance of the Group I Mortgage Loans as of the last day of the immediately preceding Due Period (or as of the Cut-off Date with respect to the first Distribution Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate on REMIC II Regular Interest I-GRP, weighted on the basis of the Uncertificated Balance of such REMIC II Regular Interest. With respect to the Class A-2 Certificates and any Distribution Date, a rate per annum (adjusted for the actual number of days elapsed in the related Interest Accrual Period) equal to the product of (i) twelve and (ii) a fraction, expressed as a percentage, the numerator of which is the amount of interest which accrued on the Group II Mortgage Loans in the prior calendar month minus the fees payable to the Servicer, the Master Servicer and the Credit Risk Manager with respect to the Group II Mortgage Loans for such Distribution Date and the Group II Allocation Percentage of any Net Swap Payment payable to the Swap Provider and Swap Termination Payment payable to the Swap Provider which was not caused by the occurrence of a Swap Provider Trigger Event, in each case for such Distribution Date and the denominator of which is the aggregate principal balance of the Group II Mortgage Loans as of the last day of the immediately preceding Due Period (or as of the Cut-off Date with respect to the first Distribution Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate on REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated Balance of such REMIC II Regular Interest. With respect to the Mezzanine Certificates and any Distribution Date a rate per annum equal to the weighted average (weighted in proportion to the results of subtracting from the Scheduled Principal Balance of each loan group, the Certificate Principal Balance of the related Class A Certificates), of (i) the Net WAC Pass-Through Rate for the Class A-1 Certificates and (ii) the Net WAC Pass-Through Rate for the Class A-2 Certificates. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rates on (a) REMIC II Regular Interest I-SUB, subject to a cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest I-GRP, and (b) REMIC II Regular Interest II-SUB, subject to a cap and a floor equal to the REMIC II Remittance Rate on REMIC II Regular Interest II-GRP, weighted on the basis of the Uncertificated Balance of each such REMIC II Regular Interest.

  • Group 3 Senior Certificates As specified in the Preliminary Statement.

  • Group I The pool of Mortgage Loans identified in the related Schedules of Mortgage Loans as having been assigned to Group I, including any Qualified Replacement Mortgages delivered in replacement thereof and each Subsequent Mortgage Loan delivered to the Trust for inclusion therein.

  • Group 4 All of the Group 4 Certificates.

  • Loan Group 3 The Group 3 Mortgage Loans.

  • Loan Group 2 The Group 2 Mortgage Loans.

  • Group I Senior Certificates As specified in the Preliminary Statement.

  • Class X-D Pass-Through Rate For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-D Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date).

  • Basis Risk Carry Forward Amount With respect to each Class of LIBOR Certificates, as of any Distribution Date, the sum of (A) if on such Distribution Date the Pass-Through Rate for any Class of LIBOR Certificates is based upon a Loan Group Cap or the WAC Cap, the excess, if any, of (i) the Accrued Certificate Interest Distribution Amount on such Class of LIBOR Certificates would otherwise be entitled to receive on such Distribution Date had such Pass-Through Rate not been subject to the Loan Group Cap or the WAC Cap, over (ii) the Accrued Certificate Interest Distribution Amount on such Class of Certificates on such Distribution Date taking into account (a) with respect to the Class A-1 Certificates at the lesser of the WAC Cap and the Loan Group I Cap, (b) with respect to the Class A-2 Certificates at the lesser of the WAC Cap and the Loan Group II Cap, and (c) with respect to each other Class of LIBOR Certificates, the WAC Cap, and (B) the Basis Risk Carry Forward Amount for such Class of LIBOR Certificates for all previous Distribution Dates not previously paid, together with interest thereon at a rate equal to the applicable Pass-Through Rate for such Class of LIBOR Certificates for such Distribution Date (without giving effect to the WAC Cap, Loan Group I Cap or Loan Group II Cap, as applicable).

  • Class X-B Pass-Through Rate For any Distribution Date, the weighted average of the Class X Strip Rates for the Class X-B Components for such Distribution Date (weighted on the basis of the respective Component Notional Amounts of such Components outstanding immediately prior to such Distribution Date).

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • Loan Group 1 All Mortgage Loans identified as Loan Group 1 Mortgage Loans on the Mortgage Loan Schedule.

  • Group 3 All of the Group 3 Certificates.

  • Group II The pool of Mortgage Loans identified in the related Schedules of Mortgage Loans as having been assigned to Group II, including any Qualified Replacement Mortgages delivered in replacement thereof and each Subsequent Mortgage Loan delivered to the Trust for inclusion therein.